These high-growth software companies trade at a multiple of revenue, not earnings (for a variety of reasons), so PE is not a relevant metric. It is growing 170% YoY and had arguably the best quarter in enterprise software history. Not to say the valuation is justified, but given its current growth, outlook for the rest of the year (doubled revenue guidance), and large TAM coupled with how other high-growth software companies (DDOG, CRWD, TWLO, WORK, etc) are trading (at or above all-time-highs), it doesn't seem as crazy. Also, Zoom has been a low beta stock in recent months, which is valuable in most portfolios that are generally beta >=1, especially when markets are volatile.